Vornado reports 4Q results

NEW YORK (AP) _ Vornado Realty Trust (VNO) on Monday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.

The New York-based real estate investment trust said it had funds from operations of $214.7 million, or $1.13 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.31 per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $651.2 million, or $3.43 per share.

The real estate investment trust posted revenue of $638.3 million in the period, topping Street forecasts. Four analysts surveyed by Zacks expected $627.2 million.

For the year, the company reported funds from operations of $886.8 million, or $4.66 per share. Revenue was reported as $2.51 billion.

The company's shares have risen 2 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 4 percent. In the final minutes of trading on Monday, shares hit $106.45, a climb of 33 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VNO at https://www.zacks.com/ap/VNO


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